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Thursday, September 5

5th Sep - Special: ECB Watch

I will update this post during and after the event. The usual: at 1145 GMT we get the decision, and 1230 GMT president Draghi reads the pre-written statement and answers questions from the press.

Previously on MoreLiver’s:

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Live Commentary links:

Live: Bank of England/ECB Reveal Latest Policy MovesWSJ

Red lines ECB meetings, blue lines FED meetings

ECB holds rates, Draghi's guidance under market microscopeReuters
Markets turned their attention to ECB chief Mario Draghi's news conference for any signs a euro zone recovery will affect the bank's policy stance.

Draghi Reiterates Forward GuidanceMarc to Market

ECB Keeps Rates at Record Low Amid Euro-Area RecoveryBB

ECB meeting - more of the sameMerkelnomics

ECB joins BoE in desperate struggle to preserve credibilityTradingFloor
Nick Beecroft: The ECB has found itself in exactly the same position as the BoE when it comes to convincing the market that its forward guidance assertion is in any way credible.

ECB stays dovishTradingFloor
The European Central Bank's first meeting after the summer holidays was also the last before the crucial German elections. President Draghi kept the tone dovish but did not hint at any new measures.

ECB comment: Clear easing bias confirmedNordea
The ECB kept its key policy rates unchanged at today’s meeting as widely expected. ECB President Draghi’s introductory statement by and large confirmed our view that the ECB has a clear easing bias.

ECB’s Draghi walks the lineMacroScope / Reuters

ECB chief 'not enthusiastic' about eurozone growtheuobserver

The Key ECB Takeaways: ‘Very, Very Green’ Shoots of RecoveryWSJ

ECB see "green" recovery, but maintains downward biasHandelsbanken



ECB Preview: Keep the powder dryDanske Bank (pdf)

There are fewer arguments for a rate cut today than a month ago. The economy is improving faster than the ECB expected, the decline in excess liquidity has slowed and market rates have come down slightly.

ECB Preview: Clear easing bias likely to remain in placeNordea

Outright Monetary Transactions, one year onECB

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the conference “The ECB and its OMT programme”, organised by Centre for Economic Policy Research, German Institute for Economic Research and KfW Bankengruppe Berlin, 2 September 2013

Peripherally, yoursalphaville / FT

The eurozone is straggling to recovery, though apparently in spite of the ECB failing to shore up money growth

Draghi Gets Another Chance to Push ECB’s Forward GuidanceWSJ

The value in vaguealphaville / FT

JP Morgan economist really would like the ECB chief to use the opportunity to expand upon the word “extended” when offering interest rate guidance.

Danske DailyDanske Bank (pdf)

Today’s main event is the ECB meeting this afternoon. There are fewer arguments for a rate cut today than a month ago, given recent upside surprises in economic indicators and a slower pace of decline in excess liquidity.


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